Enterprise Quantum Computing Market 2019: Find Out Top Impacting Factor of Market Growth By Opportunity and Major Market Players, Stocks: IT,NE,OR, release date:Nov 14, 2019
The global enterprise quantum computing market garnered $650 million in 2017 and is expected to reach $5,853 million by 2025, registering a CAGR of 31.7% from 2018 to 2025.
The growing demand for high performance computing technology in various industries such as aerospace & defense, BFSI, healthcare & life science, energy & utilities, and others due to its excellent processing power and infinite storage, growing spending and investment in the development and research by industry giants, and the rise in demand for quantum computing from medical research and financial sectors drive the market growth. However, operational challenges and stability & error correction issues associated with quantum computing restrain the growth of the market. Conversely, rise in need for secure computing platforms, increase in use of simulation and modeling in quantum computing, emergence of on-premises quantum computers for businesses, and technological advancements in quantum computing are expected to provide opportunities for the growth of the market.
The key market players analyzed in the report include Alibaba Group, D-Wave Systems Inc., Google, Huawei Technologies Co., Ltd., International Business Management Corporation (IBM), ID Quantique, Intel Corporation, Microsoft, Rigetti & Co, Inc., and Toshiba Research Europe Ltd. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
The market in North America contributed to more than two-fifths of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. This is due to the increased funding by the U.S. government to accelerate research and development in quantum computing in the region. However, Asia-Pacific would grow at the fastest CAGR of 35.9% from 2018 to 2025, owing to vast research in enterprise quantum computing in Asian countries. For instance, China is building National Laboratory for Quantum Information Sciences in Hefei worth US$10 billion, which is anticipated to open by 2020. The other regions analyzed for the market study include Europe and LAMEA (Latin America, Middle East, and Africa).Â